President Biden has an unusual chance to nominate three members to the central bank’s policymaking Board of Governors, as the result of an unfilled vacancy during the Trump administration.
Sarah Bloom Raskin, nominee to be vice chairman for supervision and a member of the Federal Reserve Board of Governors, speaks Thursday at a confirmation hearing.Lawmakers sparred with one another and President Joe Biden’s Federal Reserve nominees in a sometimes contentious Senate Banking Committee hearing on Thursday morning.
"I don’t think she necessarily lost any supporters… but I’m not sure she actually got any converts either,” said Brandon Barford, partner at Beacon Policy Advisors.opinion piece In the hearing, Raskin said her viewpoint on the role of banking regulations and climate policy was taken out of context and labored to draw a distinction between emergency pandemic capital funding and everyday banking regulation.
While Democrats hold a razor-thin margin in the evenly divided Senate, the financial services industry has expressed, if not full-throated, at least solid support for Raskin. Following her nomination, both the American Bankers Association and the Financial Services Forum issued statements in support of her appointment.
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